AI-Powered Spend Analytics
Solves more than just
Gathering, cleansing, normalizing, and classifying data are the the first steps in solving many types of procurement problems. Simfoni Spend Analytics has out-of-the box dashboards to visualize all areas of procurement and provides extreme filtering to focus on areas that impact your company the most. Whether you are a category manager, sourcing specialist, or procurement professional, Simfoni Analytics provides data management, opportunity assessments and actionable insights for data-driven procurement decision making.
See the Savings
Get actionable insights for decision making.
Achieve 100% Spend Visibility
for More Procurement Savings
THE FLASH REPORT - Follow the Money
If your spend data doesn’t include transactions from all systems or is not categorized to Level 4+, then you may not actually know where your procurement risks and opportunities exist.
AI and automation powered Classification, Normalization, Dashboards and Insights, bring visibility to all levels of your procurement team.
Using the Flash Report Overview, your team can explore all aspects of your spending – by category, supplier, region, etc. Quick View Buttons slice data instantly to see non/PO, diverse/all suppliers, non/addressable, and non/contracted transactions over specific time frames. Separate long-term patterns from new hiccups by exploring trends over time. A plethora of filters allow you to drill-down and see where the money really goes.
OPPORTUNITY ASSESSMENTS & BENCHMARKING
Know Where You Stand and Your Options
The Simfoni AI-powered Opportunity Assessment engine fills your savings opportunity pipeline using over 13 savings levers and benchmark data across industries and regions. With this information, Simfoni Analytics produces initiatives that are ranked by amount of potential savings, and ease of accomplishing.
These are brought together to form a Wave Plan for the next set of procurement improvements whether they be cost reduction, cost avoidance, or process efficiencies.
Opportunity Assessments requires deep procurement expertise and analysis skills to unearth savings and cost avoidance. Our AI model trains continually – learning from the experts in our procurement teams and those across our client organizations.
Customers can evaluate their procurement performance by comparing their Simfoni Savings Profile to Savings Benchmarks created based on 1st part data from over a decade of client data. In addition, provided there is line level data available or manufacturer part information, Simfoni Analytics can also deliver price intelligence for over a million SKUs from public sources of information. These benchmark references provide a strong basis for future negotiations by category managers.
Simfoni can also compare your procurement process efficiency to other similar companies through our partnership with the Hackett Group to provide 3rd-party process metrics and other publicly available data.
Spend with Suppliers Consciously
99.9% of all businesses are small businesses. And 50% of those are owned by women or people of color. These small businesses most often hire people from their community.
Actively choosing small and diverse suppliers helps grow businesses and improve their surrounding communities.
In the dedicated Supplier Diversity dashboard track and manage the many certification categories and spending with your diverse suppliers. Diverse suppliers include minority- and women-owned businesses, companies created by veterans and those by disabled individuals.
In addition to the specific dashboard, there is a “Diverse Supplier” Quick Filter for spend analysis dashboards providing quick visibility into your investment in diverse suppliers no matter what perspective you view your procurement data.
Recently, there are great, public, examples of Brands and investors holding themselves, their suppliers, and their business partners accountable for supporting diversity. Challenging them to act now and demonstrate that they value diversity. These Brands are using their purchasing power and making direct requests to change. And it’s working!
Hold your company and your suppliers accountable and improve your Tier1 and Tier 2 diverse supplier spend.
Consolidate Suppliers, Increase Contracts and Catalogues
Purchasing quality products for fair prices may seem like magic to most people, but procurement professionals work hard to get the best product, terms, and prices.
Because the Simfoni Analytics analysis provides classification to level 4+, procurement professionals have increased visibility into equivalent products and comparable suppliers. With supplier visibility in the Commonality Analysis Dashboard, product volumes and suppliers can be consolidated for maximum benefit across business units.
The Supplier Management Module shows which products are purchased under long-term contracts, under no contracts, through catalogs, and via spot buys. This understanding launches initiatives to optimize prices, terms, delivery, and interactions with suppliers in general.
KPIs, BUDGETS, & FORECASTING
Forecast Future Spending Based on Data
Thanks to advanced Machine Learning models, our predictive forecasts help you proactively budget and plan procurement activities months in advance.
We give you the ability to see what is coming around the corner ahead! Spend Intelligence for the future, based on the collective past is what Simfoni brings to the table for our customers. The dedicated forecasting module applies statistical calculations on the past spend patterns and market intelligence to create forecast scenarios.
The forecasts approved by category managers are added to the procurement pipeline for the following months or quarters creating a comprehensive and forward-looking procurement plan and associated budget that delivers significant sourcing efficiency. We track all the KPIs you need to see if your execution is on target to both the budget and the forecast.
Tail Spend Control
Plan Future Spending Based on Data
Tail spend is traditionally defined as the ~20% of an organization’s spend that is derived from ~80% of their suppliers. Each transaction seems like a small deal, but together they cost time and money in processing so many transactions and managing all the suppliers.
The challenge is that there is a lot happening within that bottom 20% and without the right systems in place it can be very difficult to manage. This area is made up of transactions for:
• Items with low prices but frequently purchased
• Expensive one-time purchased items
• Items purchased at low prices and low volumes
• Misclassified items
These are typically too small or too infrequent to generate attention and, as a result, there is very little data gathered about them. When in fact, Accenture claimed that companies that effectively transform their tail spend typically realized savings between 10 to 20 percent by improving their spot buying processes alone – all while improving corporate buying compliance.
Simfoni Spend Analytics captures spend from all corporate finance systems including P-Cards, Expense Management, and ERP systems. And using AI and machine learning we can categorize all the spend – even the tail spend transactions – quickly and repeatedly. With up to date visibility into this area initiatives around supplier consolidation, pre-approvals, and contracts can significantly reduce the Maverick Spot Buying and increase planned purchasing.